What is RaaS?

Recruitment as a Service, commonly referred to as RaaS, is a form of subscription based recruitment. What do you think of when you think of SaaS? We think of recurring payments, a slick offering and a continuous level of high quality service to customers. Now take that and apply it to a recruitment process.

Typically RaaS works on a monthly or quarterly payment option with various agreements depending on the clients need.

Let’s look at an example: Recruiter charges client 10,000GBP per month for a specific agreed service, potentially multiple or unlimited placements. As opposed to the traditional contingency model.

How can we set RaaS up in Vincere?

Create a new job under the client. You need to categorise this job as ‘Retained’ either through ‘Quick Add Job’ or on the job page (Compensation & Fees) itself:

Enter the payment options on the invoice schedule:

As you are charging your client on a recurring basis, the invoice schedule would generate an invoice for the required amount on the entered date, in this case, 1st of every month.

Once an invoice is generated, you have two options:

1.Approve and Send Invoice Through Vincere - this is permission based, any Vincere user who has access to the Pay & Bill Invoicing module will be able to ‘Approve and Send'.

2.Approve and Mark as Sent - If you are not using Vincere as your invoicing system, you need to ‘Approve & Mark as Sent’.

Once the invoice has been approved, the fee will be visible in your ‘Booked Fees’ dashboard for that month.

What do these figures mean?

Forecast fee: This is a total of all the tranches

Invoiced: This is the amount of the invoices that are Approved and Sent or Approved & Marked as Sent

Balance: This is the forecast fee minus the invoiced amount